New CFO for potash developer

Australian Potash has drafted former Northern Australian Infrastructure Facility director Patrick Leung as new chief financial officer as the company works towards further funding arrangements.  

Mr Leung left NAIF approximately two years ago in February 2021 after nearly three years as a director of investments. He previously worked in similar roles with Westpac and Bankwest.

The incoming CFO has since also established his own debt advisory firm, Naust Capital.

NAIF finances infrastructure projects in the Northern Territory, Queensland and Western Australia, with a handful of potash projects – an emerging industry in the state - receiving loans from the organisation.

Among them was Australian Potash, which was approved for a $140 million facility with a 17-year tenure back in March 2021 to develop its Lake Wells sulphate of potash project near Laverton in Western Australia.

Australian Potash chief executive Matt Shackleton was delighted to welcome Mr Leung to the company as it works to finalise development funding.

“Patrick’s extensive banking experience and understanding of the resources sector will be invaluable to our shareholders as we work to complete the debt and equity funding arrangements for the development of the Lake Wells Sulphate of Potash Project,” he said.

“Patrick is already familiar with the Lake Wells Project from his time at NAIF and he will play a pivotal role in building on our existing relationships with NAIF and Export Finance Australia, and forging new partnerships into the existing syndicated debt facility.”

Australian Potash shares last traded at 3.8 cents.